Covid-19 and the workforce: a new normal?

Special Edition

May 2020

When big change hits, the world evolves. Whatever normal awaits us post Covid-19, it will be a distinct new reality. Time to understand this near future for financial services and look east and west for signs of this new world awaiting us.

Four billion people are confined to their homes. Overnight, companies and people have had to completely rethink the way they work. Normal routines and work habits have been completely upended. Financial institutions have had to ensure continued operations and delivery of services with their entire workforces forced to work remotely. These are abnormal times. The immediate health crisis is grave and unfortunately a resolution is a long way off. Large portions of the global population look set to spend the near future confined to their homes. As a result, more aspects of daily life will continue their shift online.

In crises, there is a tendency to claim that “This changes everything!” The Covid-19 pandemic has certainly, for the moment, changed a great deal about the way societies work and operate. But it is probably hyperbolic to state that everything will be changed by this pandemic. Instead, it is more likely that this pandemic will serve as a major accelerant to trends that were already taking place. Due to changing working and customer behaviors, many organizations around the globe have undergone digital and agile transformations in recent years. These transformations have set top-performing companies apart from their competitors and allowed them to handle this crisis with markedly less disruption.  

Now, even those companies that had resisted changes are being forced to radically alter the way they do business. As people are forced to work from home and conduct their lives remotely, financial institutions have two concurrent challenges: maintain, motivate, and optimize their workforces while also continuing to innovate and deliver value, digitally, for their customers. At first glance, these challenges appear daunting for even the best organizations. But they represent opportunities to act on existing trends, with the next generation of employees and customers already seeking more flexibility in all aspects of their lives.

This report is exclusively reserved for Efma member institutions.
You're a member? Great! Create an account or log in to download the full report.
Not a member yet? Find out more about membership benefits on or contact

Keywords : Covid-19 , Workforce management